MoneyTalk with Al Suffrin

How can I teach my kids not to be ‘money hungry?’

Al Suffrin
April 11, 2007 at 1:56 pm  | Mobile Reader | Pring this storyPrint 

Dear Mr. Suffrin: My daughter just celebrated her 8th birthday and was quite shocked that not all of the birthday cards she received had money in them.

I found it appalling that she was so "money hungry."

How much should young kids actually focus on making money and what can I do to teach her to handle the money she receives? - Money in Destrehan

Dear Money: Start talking to your daughter now about money.

Take her to the grocery store and explain that you earn money so that you can put food on the table to eat.

With her allowance, set guidelines about how she can use the money.

As you increase her responsibilities increase her allowance.

As she gets older consider opening a bank account in her name as an aid to saving and spending her earnings.

When she gets to be 16 or 17 years old, consider encouraging her to find a part-time job.

Encourage her to work and save by offering to match each deposit she makes to a savings account.

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